All Forum Posts by: David M.

Liam, I sent you a colleague request, I'd like to hear how your SS is going. Please post as well, I'm sure everyone would like to see a real example in the making.

Scott,

Thanks for the reply, I'll continue looking. I'll check The Lending Company as well. What are your thoughts on FHA loans for end buyer? Is anyone currently using an FHA end buyer on your flip?

Ok, here is one from HSBC. This one is listed with a realtor, BPO is done($185k) over 30days ago. Agent had a full price offer in, HSBC accepted and issued an approval letter. ARV is $185k, which is overpriced and this property needs repairs done. Buyer cannot close until May, needs to come up with the down,tax refund.(FHA-loan). HSBC does not want to wait. Anyone been successful in negotiating the price down after the lender has approved the SS? There is an end buyer already for full ARV @ $185k..

Ok, I have a hand full of short sale files on my desk.Clients already agreed a SS is the best solution. I would like to flip these to end buyers, but I want to make sure all ducks are in a row before it blows up in my face. My biggest concern is the number of days apart from the A-B and B-C closings. I have a couple lenders who will fund these.. Both lenders said they wont start to Underwrite the B-C end buyers file until new owner is on title. Which can take a couple days to update the pre-lim depending on how fast the title company is.

So lets say if A-B closes/records on Monday. Has to record with the county, then title can update the pre-lim to show new owner on title. Lets just say that comes in on Wednesday morning...give the updated pre-lim to end buyers lender to UW the file, wait 24 hours for approval, say on Thursday. Now assuming all Prior to Doc conditions are satisfied at time of Underwriting, which they almost never go straight to loan docs, there is usually another 24 hour wait for Loan Docs. So lets just assume it goes straight to docs...Docs come out on Friday, get signed/notorized at escrow on Friday afternoon. Escrow probably wont get to the file till Monday morning. Escrow then balances the file gets it ready to fund, overnights loan docs back to the lender. Tuesday morning, Lender checks the file in, issues any funding conditions on Tuesday afternoon. Assuming file is satisfied with all conditions, it's set to fund on Wednesday, record on Thursday. That about 11days between closings, of course assuming everything goes smoothly, which it almost never does, it could be longer. Loan officer, processor, and Underwriter must have all conditions in and hope for a smooth closing. Not too mention, if you're using transactional funding - what happens if they close the A-B and the loan blows up, or end buyer backs out? Transactional lender ends up with the property. Can someone please give an example and details of the timeline on their successful double closed transaction in CA. Maybe I need to find a lender that can at least Underwrite the end buyers file and push the updated pre-lim showing new owner on title as a DOC or Funding condition. Any lenders out there that can? Lets hear about your closings

One of my agents I work with almost always gets "cash for keys" negotiated in the short sale approval, being paid by the lender. If accepted, this might help your seller keep his cool.

Smitnlit,

Why don't you just negotiate "cash for keys" or offer the homeowner a couple thousand out of your proceeds if he promises not to damage the property when he vacates....

D